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Drug Price Trends for NDC 83324-0032
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Average Pharmacy Cost for 83324-0032
| Drug Name | NDC | Price/Unit ($) | Unit | Date |
|---|---|---|---|---|
| QC MOTION SICKNESS 50 MG TAB | 83324-0032-12 | 0.06943 | EACH | 2024-12-18 |
| QC MOTION SICKNESS 50 MG TAB | 83324-0032-12 | 0.08295 | EACH | 2024-11-27 |
| >Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Best Wholesale Price for NDC 83324-0032
| Drug Name | Vendor | NDC | Count | Price ($) | Price/Unit ($) | Dates | Price Type |
|---|---|---|---|---|---|---|---|
| >Drug Name | >Vendor | >NDC | >Count | >Price ($) | >Price/Unit ($) | >Dates | >Price Type |
83324-0032 Market Analysis and Financial Projection
Market Analysis and Price Projections for Drug NDC: 83324-0113
Understanding the NDC Directory
To analyze the market and price projections for a drug identified by its National Drug Code (NDC), it is essential to understand the FDA's NDC Directory. This comprehensive database contains information about finished drug products, unfinished drugs, and compounded drug products. Each drug is identified by a unique three-segment NDC number, which serves as the FDA’s identifier for drugs[1].
Identifying the Drug
The NDC 83324-0113 corresponds to a specific drug product. To find detailed information about this drug, one would need to search the FDA's NDC Directory. This directory provides data on the drug's labeler, product name, active ingredients, dosage form, and other relevant details.
Market Trends and Price Inflation
Overall Drug Price Inflation
Recent projections indicate that drug price inflation is expected to rise. According to Vizient's Pharmacy Market Outlook, the overall drug price inflation rate is projected to be around 3.8% for the period from July 1, 2024, to June 30, 2025. This increase is largely driven by specialty pharmaceuticals, which include high-cost, complex, or chronic condition treatments[1].
Specialty Pharmaceuticals
Specialty pharmaceuticals, which are likely to include the drug identified by NDC 83324-0113 if it falls into this category, are expected to see a higher price increase of 4.18%. These drugs treat conditions such as cancer, infectious diseases, autoimmune diseases, and pulmonary conditions. The increasing utilization of these drugs and the anticipated expansion of gene therapies contribute significantly to the projected price increase[1].
Specific Drug Price Projections
Generic vs. Brand Name Drugs
While the overall trend shows a 3.8% increase, the price dynamics can vary significantly between generic and brand name drugs. For instance, the median price increase for generic drugs was reported to be 19.9% in some cases, with extreme examples like a 2,527% increase for a generic naproxen manufactured by Hikma Pharmaceuticals[2].
Biosimilars Impact
Biosimilars, which are biologic products that are highly similar to an already-approved biologic product, are expected to grow in market share. However, their impact on the specific drug price will depend on whether the drug has a biosimilar counterpart. If it does, the biosimilar could potentially reduce the price pressure on the original drug, although this effect may be gradual as biosimilars gain market share[1].
International Price Comparisons
The prices of prescription drugs in the U.S. are significantly higher compared to other countries. According to an ASPE issue brief, by 2022, prices in the U.S. were 5.5 times those in the OECD (excluding the U.S.) and 7.7 times prices in the rest of the world (excluding the U.S.). This disparity highlights the unique pricing environment in the U.S. and suggests that domestic price trends may not mirror global trends[3].
Consumer and Healthcare Provider Impact
Cost to Consumers
The price of a prescription drug is influenced by numerous factors, including interactions and financial negotiations between pharmaceutical supply chain entities. Consumers face the brunt of these price increases, which can be exacerbated by factors such as rebates, discounts, and other cost elements that are not always transparent[1].
Healthcare Provider Challenges
Healthcare providers, particularly hospitals, face significant challenges in managing pharmacy expenditures due to rising drug costs and drug shortages. The projected price increases for specialty pharmaceuticals will further strain their budgets, emphasizing the need for robust supply chain management and cost containment strategies[1].
Regulatory Efforts and Transparency
Medicare Price Negotiation
The Biden-Harris Administration has announced new, lower prices for the first ten drugs selected for Medicare price negotiation, aiming to lower costs for millions of Americans. This initiative includes significant reductions in the list prices of drugs such as Eliquis, Jardiance, and Januvia, which could set a precedent for future price negotiations and potentially impact the broader market[5].
Transparency Programs
Oregon's Drug Price Transparency Program and similar initiatives aim to provide accountability for prescription drug pricing. These programs require manufacturers to report price increases and the reasons behind them, although the quality of information submitted can be variable. Enhanced transparency is crucial for understanding and managing drug price inflation[2].
Key Factors Influencing Prescription Drug Prices
- Manufacturers and Supply Chain: Interactions and financial negotiations between pharmaceutical manufacturers, pharmacy benefit managers (PBMs), and health insurers significantly influence drug prices.
- Regulatory Environment: Policies and regulations, such as those related to Medicare price negotiation and transparency programs, can impact drug pricing.
- Market Dynamics: The introduction of biosimilars and generic drugs can alter the pricing landscape for specific medications.
- Global Pricing: International price comparisons highlight the unique pricing environment in the U.S. and suggest that domestic trends may not align with global patterns[1][3].
Case Study: Impact of Biosimilars
Biosimilars have the potential to reduce the price pressure on original biologic products. For example, the introduction of biosimilars for drugs like Enbrel (etanercept) has led to increased competition and potentially lower prices. However, the effect of biosimilars on specific drug prices depends on market penetration and the presence of a biosimilar counterpart[1].
Future Outlook
Given the projected increases in drug prices, particularly for specialty pharmaceuticals, it is crucial for healthcare providers and consumers to be aware of the following trends:
- Increased Utilization of Specialty Drugs: The growing demand for specialty pharmaceuticals will continue to drive price increases.
- Expansion of Gene Therapies: The anticipated expansion of gene therapies will contribute to higher prices for these treatments.
- Regulatory Changes: Initiatives like Medicare price negotiation and transparency programs may lead to more controlled price environments in the future[1][5].
Key Takeaways
- NDC Directory: The FDA's NDC Directory is a critical resource for identifying and tracking drug products, including their pricing and market information.
- Price Inflation: Overall drug price inflation is projected to be around 3.8%, driven largely by specialty pharmaceuticals.
- Specialty Pharmaceuticals: These drugs are expected to see a higher price increase of 4.18%, impacting the budget of healthcare providers and the cost to consumers.
- Transparency Programs: Regulatory efforts to enhance transparency in drug pricing are ongoing, but gaps remain, particularly in the reporting of rebates and other cost factors.
- Biosimilars: Biosimilars are expected to grow in market share, potentially mitigating some price increases but not immediately impacting all drug categories.
FAQs
What is the NDC Directory and how is it used?
- The NDC Directory is a database maintained by the FDA that contains information about finished drug products, unfinished drugs, and compounded drug products. It is used to identify and track drugs using their unique NDC numbers[1].
What drives the projected 3.8% drug price inflation?
- The projected 3.8% drug price inflation is driven primarily by specialty pharmaceuticals, including the increasing utilization of weight loss drugs and the anticipated expansion of gene therapies[1].
How do biosimilars impact drug prices?
- Biosimilars can reduce the price pressure on original biologic products as they gain market share. However, this effect is gradual and depends on the specific drug and its biosimilar counterpart[1].
What are the key factors influencing prescription drug prices?
- Prescription drug prices are influenced by interactions and financial negotiations between pharmaceutical supply chain entities, including manufacturers, pharmacy benefit managers (PBMs), and health insurers[1].
How do international price comparisons affect U.S. drug pricing?
- Prices in the U.S. are significantly higher compared to other countries, with U.S. prices being 5.5 times those in the OECD (excluding the U.S.) and 7.7 times prices in the rest of the world (excluding the U.S.) by 2022[3].
Sources
- DrugPatentWatch - Market Analysis and Price Projections for Drug NDC: 83324-0113[1].
- Oregon Health Authority - Prescription Drug Price Transparency Results and Recommendations[2].
- ASPE - International Market Size and Prices[3].
- DrugPatentWatch - Latest drug prices and trends for NDC 00378-2245[4].
- The White House - Fact Sheet: Biden-Harris Administration Announces New, Lower Prices for First Ten Drugs Selected for Medicare Price Negotiation[5].
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